Fundsz securities fraud warning from Ontario, Canada
Fundsz has received a securities fraud warning from Ontario, Canada.
As per the Ontario Securities Commissions November 6th warning, Fundsz
is not registered in Ontario to engage in the business of trading in securities.
OSC’s warning is a bit odd time-wise, seeing as Fundsz was shut down by US regulators back in August.
BehindMLM reviewed Fundsz in June 2022, correctly identifying it as a “staking” model Ponzi scheme.
California was the first regulator to publicly take action against Fundsz. DFPI issued a Fundsz securities fraud warning in December 2022.
Rene Larralde, one of the defendants and a Fundsz admin, passed away on September 6th. Larralde’s cause of death remains unknown.
The outcome of the CFTC’s civil regulatory fraud case against three other Fundsz admins is pending.
OSC is always slow to the game. They do have a mandate that if complaints are made, they will post warnings, even if it’s after another jurisdiction has taken action.
Obviously means some promoters in Ontario have been pushing this, and it hit their radar.